Silver breaks above $70 per ounce, hits one-week high

Silver is witnessing a good rebound today after testing multi month low this week. Markets are eying weakness in the US dollar index after US President Donald Trump ordered the military to postpone any strikes against Iranian power plants. Silver had tanked near $61 per ounce in a hurried sell off earlier this week. However, there has been a decent recovery in the metal afterwards and a modest fall in US treasury yields is now keeping the counter supported. COMEX Silver has broken above $70 per ounce today and currently trades at $73.23 per ounce, up 5.26% on the day. The metal has zoomed near one-week high now. MCX Silver futures are also up 5% at Rs 235047 per kg after opening sharply higher today. The counter shed around half a percent today.

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